Reliance Group Chairman Anil Ambani on Tuesday said the company has achieved full resolution of Reliance Communications’ debt restructuring that will reduce its debt by Rs 25,000 crore, bringing it down to Rs 6,000 crore.
“We have achieved a resolution that involves Reliance Communications exiting strategic debt recast. Clearly and truly this is a historical achievement for any group. RCOM debt will reduce by Rs 25,000 crore, the entire monetisation process to repay the debt of lenders will be completed by January-March 2018,” Ambani told reporters.
Reliance Communications had close to Rs 45,000 crore debt on its books in October 2017.
Saying that going forward Reliance Communications will be a business-to-business (B2B) company, he added the company achieved this debt restructuring by asset monetisation and selling real estate.